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China says will hit back after U.S. proposes fresh tariffs: China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10% tariffs on $200 billion of Chinese goods. China’s commerce ministry said on Wednesday it was “shocked” and would complain to the World Trade Organization, but did not immediately say how it would retaliate. [Reuters]

Fox ups Sky bid to $32.5 billion: Rupert Murdoch’s 21st Century Fox (FOXA) has raised its offer for Britain’s Sky in an agreed deal valuing the pay-TV group at $32.5 billion, seeing off rival bidder Comcast (CMCSA) for now. [Reuters]

At NATO, Trump lashes Germany for being Russian ‘captive‘: On Wednesday Western leaders gathered in Brussels for a NATO summit. In a startling public outburst, U.S. President Donald Trump told NATO Secretary-General Jens Stoltenberg that Germany was wrong to support a new $11-billion Baltic Sea pipeline to import Russian gas while being slow to meet targets for contributing to NATO defense spending that was intended to protect Europe from Russia. [Reuters]

Facebook faces UK fine over its privacy scandal: Facebook (FB) is facing its first financial penalty for allowing the data-mining firm Cambridge Analytica to forage through the personal data of millions of unknowing Facebook users. A U.K. government office that investigated the Cambridge Analytica scandal announced its intention to fine Facebook 500,000 pounds ($663,000) for failing to safeguard that user information. [AP]

Children taken from their from parents are brought to the U.S. Immigration and Customs Enforcement (ICE) office building in Grand Rapids, Mich., to be reunited with family on Tuesday, July 10, 2018. More than 2,000 children were reportedly separated from their parents after crossing the Southern U.S. border as part of an immigration strategy by the Trump administration. (Cory Morse/The Grand Rapids Press via AP)